Cousins Properties (NYSE:CUZ) Releases FY24 Earnings Guidance

Cousins Properties (NYSE:CUZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.63-2.68 for the period, compared to the consensus estimate of $2.65. Cousins Properties also updated its FY 2024 guidance to 2.630-2.680 EPS.

Cousins Properties Stock Performance

Shares of CUZ traded up $2.06 during mid-day trading on Friday, hitting $27.24. 2,703,780 shares of the company’s stock were exchanged, compared to its average volume of 1,132,019. Cousins Properties has a 52 week low of $17.40 and a 52 week high of $27.30. The stock’s 50-day simple moving average is $23.40 and its 200-day simple moving average is $23.26. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 55.59, a price-to-earnings-growth ratio of 4.52 and a beta of 1.30. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.57.

Cousins Properties (NYSE:CUZ) last posted its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.61). The firm had revenue of $212.98 million for the quarter, compared to analyst estimates of $208.18 million. Cousins Properties had a return on equity of 1.30% and a net margin of 7.25%. The business’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.75 EPS. On average, equities research analysts expect that Cousins Properties will post 2.65 EPS for the current year.

Cousins Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were given a dividend of $0.32 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $1.28 annualized dividend and a dividend yield of 4.70%. Cousins Properties’s dividend payout ratio is 261.22%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Cousins Properties from a sell rating to a hold rating in a research report on Thursday, May 23rd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Cousins Properties presently has a consensus rating of Hold and an average price target of $23.67.

Insider Buying and Selling at Cousins Properties

In other Cousins Properties news, CFO Gregg D. Adzema sold 71,097 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $23.31, for a total value of $1,657,271.07. Following the sale, the chief financial officer now owns 85,872 shares in the company, valued at $2,001,676.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.40% of the company’s stock.

About Cousins Properties

Cousins Properties Incorporated ("Cousins") is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The Company, based in Atlanta and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets.